Applications to join the AIIB were also submitted by South Korea
and a number of leading European economies, including the United Kingdom,
France, Germany, Italy, Switzerland and Luxembourg.

China's Ministry of Finance welcomed Kyrgyzstan’s application to
join AIIB on Tuesday. The country is expected to become a bank
member on April 9.

Sweden will also apply to join the bank, the country’s finance
minister said Monday. Thus, Sweden has become the latest European
country to join the institution despite concerns of the US.

Experts consider the AIIB a potential rival to the US-based World
Bank. Earlier in March US Treasury Secretary Jack Lew warned that
US-based international financial institutions risk losing
“international credibility and influence.”

Meanwhile the Japan has abstained from becoming a founder member
in the China-led bank, said Japanese Finance Minister Taro Aso.

“We have no other choice but to be very careful about
participation [in AIIB – Ed.] ," Aso said quoted by the
Kyodo news agency.

Japan insists that the terms of joining AIIB should include the
establishment of lending rules with due account for social
consequences, as well as ensuring transparency of their issuance
in order to avoid corruption, he added. Tokyo also insists on the
separate consideration of each of the incoming projects.

At the same time Aso didn’t rule out the possibility of the
country’s future participation in AIIB, saying that Japan plans
to "watch the bank’s development."

Taiwan has also announced it would apply for membership despite
the animosity and lack of formal diplomatic relations between the
island and China.

On March 27 Emerging Markets reported that China had rejected North
Korea’s application saying there was no way the country could
join the AIIB as it cannot provide detailed information about the
state of its economy and financial markets. However, the Chinese
Ministry of Foreign Affairs said it had no official information
North Korea’s was being refused bank membership.

The Asian Bank for infrastructure investment (AIIB) was
established in 2014 by China. The bank will finance
infrastructure projects in the Asia-Pacific Region; its
headquarters will be in Beijing. The initial subscribed capital
of AIIB will amount to $50 billion and is planned to be increased
to $100 billion.